I know this lady who’s in a cash crunch. She owns a property free and clear. She wants to keep living there. Should she take out a HELOC? A regular first mortgage? Any particular percentage of the appraised value available to her?
is she eligible for a reverse mortgage? (i believe min age is 62 yrs old)
if not, HELOC will continue to rise in rate as long as the Fed continues to increase the Fed Funds rate… (also depends on how she documents her income/ability to pay plus credit score)
Question:
can she document income and how much
how is her credit
what is the shape of the home
is she old enough for a reverse mortgage
Good answer on reverse mortgage. How much cash does she need? Go stated retired.
Is it just land or do you mean her home is free and clear? If its a home, she should be able to get a HELOC no problem. If it is land, she could probably refi and get 50% of the appraised value of the land.
What is the property value ?
What State ?
Single Family ?
Credit Scores ?
If she qualifies, she can create an income stream with the equity in her home, not a reverse mortgage…
Anthony Lanzone
Senior Mortgage Advisor
If she qualifies, I can show you how she can create an income stream with the equity in her home, not a reverse mortgage...
nice gratuitous advertisement/solicitation there Mtg Master. Since you are new you might want to read the rules of the forum…before…you post.
Fixed rate heloc if credit allows…